Atlassian Co. PLC (NASDAQ:TEAM) shares gapped up before the market opened on Wednesday . The stock had previously closed at $27.43, but opened at $27.51. Atlassian Co. PLC shares last traded at $27.90, with a volume of 292,100 shares trading hands.

A number of research analysts recently commented on the stock. Zacks Investment Research lowered shares of Atlassian Co. PLC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 5th. Oppenheimer Holdings Inc. assumed coverage on shares of Atlassian Co. PLC in a research note on Wednesday, May 25th. They set an “outperform” rating and a $28.00 price objective on the stock. Morgan Stanley reiterated a “hold” rating on shares of Atlassian Co. PLC in a research note on Sunday, May 8th. Robert W. Baird reiterated a “hold” rating on shares of Atlassian Co. PLC in a research note on Friday, May 6th. Finally, Jefferies Group reiterated a “buy” rating and set a $37.00 price objective on shares of Atlassian Co. PLC in a research note on Friday, May 6th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Atlassian Co. PLC currently has a consensus rating of “Buy” and an average price target of $31.50.

The company has a 50-day moving average price of $25.81 and a 200-day moving average price of $23.88. The stock has a market capitalization of $5.98 billion and a PE ratio of 651.63.

Atlassian Co. PLC (NASDAQ:TEAM) last announced its earnings results on Thursday, May 5th. The company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The business had revenue of $117.94 million for the quarter, compared to analyst estimates of $114.25 million. The business’s revenue for the quarter was up 40.5% compared to the same quarter last year. On average, equities research analysts forecast that Atlassian Co. PLC will post $0.33 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the company. Morgan Stanley purchased a new stake in Atlassian Co. PLC during the fourth quarter valued at about $36,990,000. Neuberger Berman Group LLC purchased a new stake in Atlassian Co. PLC during the fourth quarter valued at about $6,921,000. OppenheimerFunds Inc. purchased a new stake in Atlassian Co. PLC during the fourth quarter valued at about $2,406,000. TD Asset Management Inc. purchased a new stake in Atlassian Co. PLC during the fourth quarter valued at about $1,664,000. Finally, Sei Investments Co. purchased a new stake in Atlassian Co. PLC during the fourth quarter valued at about $1,671,000.

Atlassian Corporation Plc is engaged in designing, developing, licensing and maintaining of software, and the provisioning of software hosting services. The Company’s products include JIRA for team planning and project management; Confluence for team content creation and sharing; HipChat for team messaging and communications; Bitbucket for team code sharing and management, and JIRA Service Desk for team services and support applications.

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